{"id":16676,"date":"2012-08-02T10:58:18","date_gmt":"2012-08-02T09:58:18","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=16676"},"modified":"2012-08-02T10:58:18","modified_gmt":"2012-08-02T09:58:18","slug":"it-is-hard-to-see-why-institutions-whose-failure-cannot-be-contemplated-should-be-in-the-private-sector-in-the-first-place","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/08\/02\/it-is-hard-to-see-why-institutions-whose-failure-cannot-be-contemplated-should-be-in-the-private-sector-in-the-first-place\/","title":{"rendered":"It is hard to see why institutions whose failure cannot be contemplated should be in the  private sector in the first place."},"content":{"rendered":"<p>My words?<\/p>\n<p>No, of course not!<\/p>\n<p>They're the words of Mervyn King in his October 2010 lecture\u00a0\u201c<a href=\"http:\/\/www.bankofengland.co.uk\/publications\/Documents\/speeches\/2010\/speech455.pdf\" target=\"_blank\">Banking: From Bagehot to Basel, and Back Again<\/a>\". Page 15 to be precise.<\/p>\n<p>It's now clear RBS has failed on many counts.<\/p>\n<p>Barclays has a failed\u00a0corporate culture that has allowed corruption.<\/p>\n<p>HSBC has failed even more\u00a0spectacularly\u00a0on that count.<\/p>\n<p>And Lloyds has missold and failed to lend.<\/p>\n<p>So, following he Governor's logic shouldn't they all be in the public sector, to prevent failure and to reduce risk?<\/p>\n<p>Just a thought.<\/p>\n<p><em>Hat tip: Ralph Musgrave<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>My words? No, of course not! They&#8217;re the words of Mervyn King in his October 2010 lecture\u00a0\u201cBanking: From Bagehot to Basel, and Back Again&#8221;. Page<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/08\/02\/it-is-hard-to-see-why-institutions-whose-failure-cannot-be-contemplated-should-be-in-the-private-sector-in-the-first-place\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70],"tags":[],"class_list":["post-16676","post","type-post","status-publish","format-standard","hentry","category-banking"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/16676","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=16676"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/16676\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=16676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=16676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=16676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}